Daily Oil, Gold, Silver Technical Analysis | January 21, 2022

Gold hanging near the $1,850 resistance level

Gold prices tested the level near $1,850 and show a bearish reaction. The price is currently under pressure but no major bearish movement. We might see the price continue trading near the current level until next week’s FOMC meeting. Gold price’s next direction will depend on the market reaction toward the interest-rate decision next week.

Today critical levels to watch:

Support: $1,800, $1,780

Resistance: $1,850, $1,953, $2,000

Silver holding out bullish pressure

The upward movement of silver prices is expected to target the $25.00 – $26.00 resistance level next. No bullish continuation yet today, the price is trading sideways. If the price makes a bearish movement and reaches the top of the yellow box area then traders could consider entering long positions.

Today Critical levels to watch:

Support: $23.90, $23.00, $21.35, $20.00

Resistance: $25.00, $26.00

Crude oil slight weakness

In the latest analysis, we mentioned that traders could use bearish correction as a chance to enter long positions. At the current time, the price retest the $85.00 and $82.72 level where traders could enter long positions. As long as there is no close below $82.72 at the end of the week then there is a chance of bullish reversal.

Today critical level to watch:

Support: $85.00, $82.72, $80.00

Resistance: $90.00, $100.00

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